Fortis Healthcare Ltd today dispatched a voluntary conditional cash offer document to the shareholders of Singapore-based Parkway Holdings, Fortis' financial adviser RHC Holdings Private said.
The offer closing date is set for 5.30 pm on August 12, 2010.
Fortis is making the offer through subsidiary RHC Holdings Private Ltd to acquire Parkway shares that it does not already own.
Fortis offer is priced at SGD 3.80 per share of Parkway, operator of 16 hospitals with more than 3,400 beds across Asia.
Fortis is challenging an earlier counter offer by Malaysian wealth fund Khazanah Nasional Bhd.
Fortis' financial advisers The Royal Bank of Scotland and Macquarie Capital said the dispatch included form of acceptance and authorisation and form of acceptance and transfer.
Fortis holds 25.37 per cent of Parkway shares and its rival Khazanah 23.32 per cent. But Khazanah's bid is to raise its stake to 51.5 per cent and take control of Parkway by buying 313 million shares at offer price of SGD3.78 a piece.
Indian billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh lead the Fortis bid to take full control of Parkway.
